Mortgage Help from HAMP: Do You Qualify?

Are you struggling to make your mortgage payments each month? Even though you have a full-time job, grocery prices, transportation costs, and credit card debt might be eating up a lot of your monthly budget. At Clearpoint, we want you to get the mortgage help you need so that you can keep your home. We are here to tell you that you might qualify for the Home Affordable Modification Program, even if you have been disqualified in the past. Even if you own a rental property, keep reading to learn how you may qualify for a mortgage modification with HAMP.

What type of mortgage help does HAMP offer?

The purpose of HAMP is to lower mortgage payments through a mortgage loan modification. This usually results in reduced mortgage interest rates or a lower mortgage principal. This can save homeowners up to $500 each month.

Imagine if you could save $500 in mortgage payments each month. That would help you make your housing payments and pay down unsecured debt or work toward another one of your financial goals.

Who is eligible for mortgage help with HAMP?

Ask yourself the following:

  • Are you behind on your mortgage payments?
  • Are your mortgage payments delinquent or do you worry you will fall behind on payments soon?
  • Do you owe up to $729,750 on your home or a rental property?
  • Did you get your mortgage on or before January 1, 2009?*

*A few other conditions apply.

If you answered yes to one of the above questions, you should talk to a housing counselor today for a free session to see if you can enroll in HAMP or another program.

I’ve heard of this before…

Maybe you have heard of HAMP before and were told that you did not qualify for the program. Well, the rules have changed and you might be eligible now for lower mortgage payments in the form of reduced interest or principal. The following groups weren’t eligible for HAMP in the past but are now:

  • Homeowners applying for loan modification for rental property
  • Homeowners who previously did not qualify due to having a debt-to-income ratio above 31%
  • Homeowners who previously defaulted on HAMP trial payments
  • Homeowners who lost their “good standing” by defaulting on a permanent loan modification with HAMP

Do you fall into one of these categories? Maybe you have a rental property and have been frustrated by the fact that you did not qualify for mortgage help through federal mortgage assistance programs. Or, maybe you have been enrolled in HAMP before but struggled to make your payments. Either way, it’s time to take another close look at your housing situation and let a housing counselor explore your options.

How Housing Counseling Can Help

Let Clearpoint help with a free housing counseling session. Our HUD-certified agency can provide mortgage help and housing counseling services free-of-charge. We can determine if you qualify for mortgage loan modification through HAMP or other programs. If you do, we will get you the information you need to enroll. Why use housing counseling?

  • It’s free.
  • Research shows that consumers who enroll in housing counseling are more likely to get the mortgage help they need.
  • We offer a variety of options, even if you don’t qualify for HAMP. We’ll cover deed-in-lieu of foreclosure, short sale, cash for keys, and other forms of mortgage help.

We want you to avoid foreclosure and be comfortable with your monthly mortgage payment. Call us today to get the mortgage help you need. Like we said—it’s easy, it’s free, and it will help put you on the path to financial health. Call 1.877.412.2227 to schedule your free housing counseling session now.

Still aren’t sure, Read more about housing counseling here.

Thomas Bright is a longstanding Clearpoint blogger and student loan repayment aficionado who hopes that his writing can simplify complex subjects. When he’s not writing, you’ll find him hiking, running or reading philosophy. You can follow him on Twitter.

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